If you are planning to buy a real estate asset be it a residential, a commercial or an industrial one, one of the places that you may have considered during your research would have to be property auctions. They are actually a good way to score a deal especially considering that there are assets for which are held up for sale for lesser than their market value. Oftentimes, these are done due to a damp economy, a lack in market demand or the immediate liquidation of a foreclosed property. Of course, not everything being offered falls under such categories.
Now, if you are indeed planning to buy at UK property auctions then you must first learn some tricks from the pros. To do so, read on further.
Don’t believe everything you hear. You must first check and validate. Keep in mind that auctions are filled with agents, brokers and sellers too, each one wanting to land a good deal just like you. However, unlike you who wish to buy at the lowest possible cost, they would want to sell at the highest possible price. You have to be careful because some may sugarcoat, exaggerate or even withheld some facts. Always check and keep your walls up.
Do the asking not the answering. Be the one to inquire not the one to be interviewed. For example, do not by any means divulge or even give a clue as to the type of property and the maximum amount of spending that you intend to make. By being discreet, you avoid anyone from taking advantage. Some sellers will actually match their minimum asking price to your maximum capacity even telling you how lucky you are despite of the fact that the asset is actually valued for less.
Always perform adequate research. Never come to an auction without your weapons. You have to research well about the properties being sold, the terms of the auction and the procedures it entail, the market value of the said properties, their conditions and other important information. You can’t come blindfolded otherwise you are putting yourself at an extreme disadvantage.
Have your finances at the ready. Before attending property auctions, see to it that your resources are already made available. Having been awarded as the winning bidder will entail you to pay upfront with the remaining balance to be completed within a specific time frame. Failure to comply will make you lose the opportunity and everything will simply be in vain.
When one puts their hard earned money on a residential property investment, one wishes to get a return. This is regardless if you want to sell or lease the property or use it for yourself. To do that, you will want your asset to appreciate instead of depreciate. The latter is common and it happens to most assets. Once that has used up the value of your property, it is now deemed worthless and selling it should you need to will not provide a profit any longer. It can either come up with a salvage value or none at all. So how do you avoid this? How can you increase the value of your investment instead? Take a look at the following list and find out.
Keep it in shape.
This means that proper maintenance must be present. Make the necessary repairs as needed. Do not skimp on your regular inspections and maintenance procedures. Remember that the longer you leave damage unattended, the worse it tends to become. Also, prevention is always better than cure. Ongoing costs are part of any property investment and you should do well to provide for them.
Upgrade where needed.
Adding to the property’s value will also have to deal with the upgrades that you do for it. This includes rewiring of old electrical units, repainting walls, changing up dated fixtures, adding plants on the front porch and back lawn and even to the smallest details such as cleaning up the attic and garage. Small or huge, upgrades can turn into a cost that can be capitalized and thus add value to the property.
Be wary of location.
Before buying the residential property investment, take into consideration its location. Add into that the other nearby and adjacent properties, structures and establishments to it. All of these will have a bearing on the value of the asset over time. For example, areas such as huge and thriving cities (e.g. London, Sydney, New York, etc) tend to rise than fall. This is because the demand for assets in such location grows but land as we all know does not multiply. In economics, this creates an upward surge in value. The same holds true for those that are near commercial hubs, roads and highways, educational institutions, shopping centers, parks and hospitals.
If you want your residential property investment to appreciate, keep these three in mind and be sure to apply them aptly. For more property advice visit this page singerviellesales.com
After having made a residential property investment for yourself and/or your family, we’re pretty sure you’d be itching to do some renovations and decorating. We do not blame you because we know that feeling too! To help you out in spicing up your place, we at Singer Vielle, have come up with the following ideas to help you make the home of your dreams.
Paint your walls.
It does not get any simpler than this. Putting on some fresh coat of paint not only adds personality to the rooms but also improves their look. If you are buying a place that has been previously owned and inhabited then some of the colors may already be falling apart or if not, they may not suit your liking.
Create accent and focal points.
Sometimes paint on walls does not cut it. They can appear bland and boring. To help fix that, you may want to make use of a pop of color either with another paint hue or textured or patterned wallpaper. This can be placed in only one side of the room to make it appear like an accent area. It’s actually a pretty neat, simple and affordable way to spice things up.
Add some fresh natural details.
If you want to add more zest, calm and freshness to any room, put in some plants. The best options here would be succulents and air plants as they are not high maintenance. This is good news especially if you are not that good with gardening. If you prefer having blooms then you can opt to have them in a vase instead.
Put a dash of darling with throw pillows and rugs.
This can add both color and texture to your place and not to mention tons of comfort. Who doesn’t like pillows anyway? You can have them by the living room sofa, couches and your bed of course. The same holds true for rugs.
Choose lighting carefully.
This not only creates mood but also provides much needed visibility. Some parts of your residential property investment need more of it than the others. Take your study and kitchen for example. They have to be well lit to ensure productivity but not too glary to hurt the eyes.
Hang some art work.
A residential property investment can be made to pop with a few touches of hung details. They don’t even have to be expensive artworks. Framed photographs and even graphic patterns can do the trick!
They say that one can score some of the best real estate deals out of property auctions. That is true to some degree considering the fact that it is perfectly possible for buyers to end up paying for a property for lower than their actual market values. In the real world, an asset will always be priced at if not more than their current market values. In that case, you need to learn how to be a property auctions champion. To do that, the following can really come in handy.
Run a research.
You cannot simply go out and participate in a property auction without the knowledge and the skill to do so. You need to prepare yourself and research will help you go a long way. Reading this article is good as that would mean that you are researching about the topic at hand.
Allow yourself time to observe.
Attend as many property auctions as you can. You don’t necessarily have to buy a property at first. All you’ve got to do is observe and learn. This way you will be more familiar with the procedures and on goings in the said events. All your theoretical learning and research can only do so much. You have to see how things work in reality too before you plunge yourself in.
Always stick by your limitations.
You will most likely be tempted to spend more than what you initially planned for. Don’t.. That’ll likely end up in tragedy and disappointments. Before you step into the auction haul, determine and set a ceiling spending value. When you place in your bets, remember to never go beyond this limit.
Keep your cards close to your chest.
Never let anyone learn about your set limitation nor your payment capabilities. That can only make agents and brokers to give you a higher version of a property’s price tag. Keep that information al to yourself only.
Check and review the properties.
Before putting in your money to buy an asset, see to it that you had them checked already. Are they really in good condition? How about other factors like ongoing costs, useful life, building conditions, and location among others? Do not believe outright in everything that you are told in property auctions. Remember that sellers want to end up with a sale and no one is going to downgrade their properties here.
In today’s day and age, you’d rarely see people with a single job. Sometimes one cannot suffice especially when you are supporting a family. You’d be surprised to know that there are some people who have three jobs at a time and jump from one shift to the other. It’s pretty tiring and that’s a lot of hard work but it is something that has to be done. After all, we need to live and to do that we need a means to be able to buy our basic necessities. But what if your time does not permit you to take on a part time gig? Or what if you want more time for yourself and your family instead of getting stuck in the office? The answer is through investing your money in real estate assets. To help you do that we have come up with a guideline to winning in investment property in UK.
Learn about the trade. – Just like any other profession, investing in properties and making profits with them is a career on its own. You can even consider it as business. This makes it important for you to learn about it. You can enroll in a crash course, attend seminars or even read on relevant materials to improve your knowledge and skills.
Brush up on your locality’s market. – Where do you want to invest in? When you’ve chosen a place or a number of them from where to get your assets, it makes it a must for you to learn about the locality, its characteristics, features as well as pros and cons. All that and more will affect the pricing and demand for your properties.
Get to know the types of properties available. – Different types are priced differently and will cater to varying customers and clients. You need to know how to strike a deal out of each one.
Always have your finances in check. – Investments in UK properties will require finances. Remember that this type of business although may be able to provide you with huge and promising returns will need a large capital. Keep up with your expenses and make a budget.
Grow your portfolio. – Over time you will add up properties in your portfolio. Make it as promising and sterling as could be. If you need help then call on the expertise of professionals for it.
Know your client base. – Lastly, winning in investment property in UK requires investors to know their client base. You need to know who would want to lease or buy your assets. This way you can best target your marketing efforts to them.
In the business world, space is a very important aspect. Think about it. Goods and services need a place for them to be sold and made available to the market. You need a space to showcase them. This makes it a very important task for entrepreneurs to seek only the best retail property for sale. To help you with that, we have come up with a list of characteristics that define an attractive retail property for your customers, vendors, business partners and investors.
It is conveniently located.
In other words it is accessible, the more modes of transportation to and from it then the better. Moreover, if it is located within the heart of the economic zone or the melting pot of a huge chunk of your town or city’s population then great. You not only chose a very accessible asset but you also give it great exposure. Remember that you would not want to give people a hard time trying to get to your shop because if you do then you should start expecting minimal sales and huge losses.
It has ample parking space.
Don’t you just hate it when you have to visit a place and you’ve got nowhere to park your car? Don’t give the same dilemma to your potential customers because if you do then they are likely to drive away instead of drop by.
It is situated in a safe and secure town or neighborhood.
Safety and security is necessary to safeguard your business, the corporate assets, your employees and your clients. Find a retail property in an area that has a low crime rate and is not susceptible or often suffers from serious natural calamities and other accidents.
It is spacious and well ventilated.
Enough space should be available for you to put in your furniture, equipment and products. At the same time, enough space should be available for people to move around. One has to carefully gauge the need of your business so you don’t end up trying to cramp in everything.
It is in good condition.
Of course, always see to it that the retail property for sale that you pick is in very good condition. It would be wise to get a chartered surveyor to examine points like actual market value, building condition, possible ongoing costs, remaining useful life and safety among others to ensure that the asset is indeed of quality.